PANAMA PAPERS: Calls for David Cameron to resign as he admits stake in dad's offshore fund

Mr Cameron said he owned 5,000 units in Blairmore Investment Trust – a fund set up by his late father Ian.

He said he sold them for £30,000 before he became Prime Minister.

It comes after the Panama Papers leak earlier this week, which saw 11million documents from secretive Panama law firm Mossack Fonseca unveil how the rich and famous allegedly evade tax using offshore companies.

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ADMISSION: David Cameron admits stake in dad's offshore firm

In an interview with ITV News, Mr Cameron said: "We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000.

"I paid income tax on the dividends. There was a profit on it but it was less than the capital gains tax allowance so I didn't pay capital gains tax. But it was subject to all the UK taxes in all the normal way.

"I want to be as clear as I can about the past, about the present, about the future, because frankly I don't have anything to hide."